Mlm Usana
Has anyone heard of a company called USANA?
Has anyone heard of a company called USANA?
I remember back a couple of years, companies like 2by2, V1 and many others I can’t remember anymore, made lots of money with recruiting people in at location for an educated seminar. Then the companies either backflipped or dissapeared, and ended up not making enough to survive. I was just recently invited to (I believe) a similar seminar tonite, and would like any input from anyone out there who knows anything about USANA, and the owner DUKE? Is this another scam, or is it for real? If it is an MLM, or pyramid scheme is it early enough for me to get in and make some money?
Shareholder Class Action Filed Against USANA Health Sciences Inc. by
the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
RADNOR, PA — (MARKET WIRE) — 04/04/07 — The following statement
was issued today by the law firm of Schiffrin Barroway Topaz &
Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the
United States District Court for the District of Utah, Central
Division, on behalf of all common stock purchasers of USANA Health
Sciences Inc. (NASDAQ: USNA) (”USANA” or the “Company”) from July 18,
2006 and March 14, 2007, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions concerning
this notice or your rights or interests with respect to these
matters, please contact Schiffrin Barroway Topaz & Kessler, LLP
(Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-
888-299-7706 or 1-610-667-7706 , or via e-mail at info@….
The Complaint charges USANA and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. More
specifically, the Complaint alleges that the Company failed to
disclose and misrepresented the following material adverse facts
which were known to defendants or recklessly disregarded by them: (1)
that the Company’s business model was unsustainable because it
required the constant recruitment of new Associates due to a high
level of attrition within the Company’s sales force; (2) that USANA’s
Multi-level Marketing model operated as a pyramid scheme; (3) that
the majority of the Company’s Associates did not actually sell to
consumers, but rather to other Company Associates; (4) that over 74
percent of the Company’s Associates were failing within the first
year of joining the Company; (5) that over 87 percent of the
Company’s Associates were losing money instead of receiving
compensation for their sales efforts; (6) that USANA lacked adequate internal and financial controls; and (7) that, as a result of the foregoing, the Company’s statements about its future business prospects and projections were lacking in a reasonable basis when made.
USANA develops and manufactures nutritionals, personal care, and weight management products that are sold directly to Preferred Customers and Associates throughout the United States, Canada, and the world.
Prior to and throughout the Class Period, USANA represented to be a highly successful company with a history of record earnings and a solid business model. However, despite the misrepresentations made by the Company, on March 15, 2007, the Fraud Discovery Institute (”FDI”)
and The Wall Street Journal revealed to investors the underlying unsustainability of the Company’s business model, and that the Company was perpetrating a pyramid scheme in an attempt to sell its products.
Immediately following these detailed exposés, shares of the Company’s stock declined $8.92, or 15 percent, to close on March 15, 2007 at $49.85 per share, on unusually heavy trading volume. As subsequent adverse information about the Company surfaced, shares of the Company’s stock declined even further.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
USANA: Another MLM Scam enters the Philippine market
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USANA MLM: Network Marketing That Makes Sense
$2.99 "USANA MLM: Network Marketing That Makes Sense" provides a no nonsense reality check of what it takes to succeed in the multi level marketing organization USANA. Let's be honest, there are far more people not making a dime in MLM than there are yacht buyers. The author joined her first MLM when she was still in high school. She offers no MLM hype or pie-in- the-sky. What this book does provide are... |
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